Isn’t Corzine being embarrassed by Congressional hearing questions good enough for you?
Now, 1.6 billion bucks, soon it will be serious money lost.
Corzine lobbied and received exemptions from rules that were supposed to prevent this sort of thing.
There is an insurance pool but that won’t kick in either as the small print investors agreed to says their funds can be used as overnight collateral by the hedge fund. Use to be you would receive a small amount of interest on your funds when they were loaned out.
If you aren’t a to big to fail bank, you won’t get bailed out. Congress has less than a 10% approval rating but that doesn’t seem to bother them.
Guys like Armstrong and Sinclair try to warn you about banks and protecting yourself during absence of the rule-of-law. Even any stocks you think you own are in your broker’s house name unless you electronically register them in your name or take possession via certificates.
Today making money by investing is not even as important as figuring out how to keep what you have. 0% interest and price inflation certainly doesn’t help matters. Even if you have no debt, the gas price at the pump will kick your ass.
Yep. It's difficult to stay ahead of inflation without involving a second and third party.
(a) Then-US Sen Jon Corzine (D- NJ), used elected office to pass a special tax exemption for a Japanese bank he owned----G/S crony Christopher Flowers---adminstrator of Corzine's "blind trust"--- used Corzine's assets to takeover the Japanese bank. Corzine said he "did not know" the legislation he sponsored benefited him. (God only knows the insider deals he made with other Senators to get the bill passed.
(b) FAST FORWARD---Now Sen is Gov Corzine. He and G/S crony Brad Abelow---who Corzine appointed as NJ Treasury Secy---formed a private investmnent firm. The two financisl geniuses said they "did not know" that move was illegal for govt officials.
(c) Several NJ agencies went bankrupt with huge pots of money under Gov Corzine. $8B went missing from the Schools Bldg fund.
(d) Corzine, Abelow and Flowers---G/S cronies---all ended up at MF Global and presided over the disappearance of $1.2 billion.
All of this is no coincidence. Self- serving Corzine has always been about using public office to personally profit.